25/07/2023
Today’s Announcements & News
Asia
Asia-Pacific markets experienced mixed results on Monday as investors analyzed significant economic data from the region.
Hong Kong’s Hang Seng index suffered a significant decline of 2.28%, primarily driven by losses in real estate stocks, influencing broader losses across the region.
Mainland Chinese markets also trended lower. The Shanghai Composite decreased by 0.11%, closing at 3,164.16, registering its fifth day of losses in six days. Similarly, the Shenzhen Component experienced a 0.58% decline, ending at 10,747.79, marking seven consecutive days of losses.
On the other hand, South Korea’s Kospi showed positive momentum, rising by 0.72% to close at 2,628.53, achieving its third consecutive day of gains. However, the Kosdaq saw a 0.5% loss, ending a nine-day winning streak and closing at 929.9.
In Japan, the Nikkei 225 performed well, gaining 1.23% at the beginning of the week and closing at 32,700, while the Topix also showed an 0.83% increase to end at 2,281.18. Japan’s business activity continued to expand for the seventh consecutive month, with the purchasing managers index from the au Jibun bank remaining unchanged from June’s figure of 52.1.
Meanwhile, in Australia, the S&P/ASX 200 experienced a slight decline, finishing at 7,306.4, following flash estimates for its composite PMI in July, which fell into contraction territory for the first time since March.
US
On Monday, the Dow Jones Industrial Average extended its winning streak to 11 days, marking its longest rally since February 2017. The 30-stock Dow gained 183.55 points, or 0.52%, closing at 35,411.24. The broader market also saw positive movements, with the S&P 500 rising 0.40% to 4,554.64 and the Nasdaq Composite adding 0.19% to reach 14,058.87.
Energy stocks played a significant role in driving the gains in the S&P 500, with the sector rising approximately 1.7%, supported by oil and gasoline futures reaching a three-month high on Monday. Chevron, in particular, saw notable gains, rising nearly 2% after reporting preliminary second-quarter adjusted earnings that exceeded analysts’ estimates.
Despite already achieving a 10-day advance, the Dow Jones Industrial Average continued to climb higher, showcasing a remarkable display of resilience. On Friday, the blue-chip Dow eked out a modest 2.51-point gain, recording its longest rally since August 2017. The S&P 500, on the other hand, ended the week with a 0.7% increase, while the Nasdaq Composite experienced a 0.6% decline during the same period.
Commodity
On Monday, oil prices surged by approximately 2%, reaching a three-month high. Several factors contributed to this increase, including tightening supply, growing U.S. gasoline demand, hopes for potential Chinese stimulus measures, and technical buying by traders. Additionally, global market uncertainties related to Russia’s bombing of Ukrainian grain export facilities and North Korea firing two ballistic missiles into the sea following the arrival of a U.S. nuclear-powered submarine in South Korea also influenced the price hike.
Meanwhile, gold prices traded within a narrow range on the same day as traders prepared for an expected interest rate hike and sought clues about future monetary policy from the Federal Reserve, with its meeting scheduled for later in the week. Spot gold remained mostly unchanged at $1,959.00 per ounce, while U.S. gold futures settled slightly lower, down by 0.2%, at $1,962.20.
The above analysis is only for the views of market researchers and is for reference only and is not regarded as a specific investment suggestion.
